Should You Pay Off Your Debt Before Buying a Home?
The decision to buy a home is one of the most significant financial choices you'll make in your life. For many aspiring homeowners, the prospect of taking on a mortgage can be daunting, especially if they already have existing debts. It begs the question: Should you pay off your debt before buying a home? In this blog, we'll explore the factors to consider when grappling with this important decision and provide some insights to help you make an informed choice.
Understand Your Debt-to-Income Ratio
Before deciding whether to pay off your debts, it's crucial to understand your debt-to-income (DTI) ratio. Your DTI ratio is a crucial metric that lenders use to evaluate your ability to handle…
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